| The first step in purchasing a home in New York is | | | | easements and liens arising out of non payment of |
| engaging a Real Estate Broker. Once the purchaser | | | | maintenance services, taxes, previous mortgages, |
| chooses the ideal home, an offer is made to the seller. | | | | judgments, municipal rates or divorce. Further, the |
| The offer is officially made by the purchaser by filling | | | | purchaser is required to obtain a title insurance by |
| out an agreement called a binder and an advance | | | | paying a one time premium under the New York State |
| amount of 1% of the offered consideration is | | | | Laws . The seller's lawyer then draws up and sends |
| deposited with the seller by the buyer as earnest | | | | the contract to the purchaser's lawyer. The |
| money. The binder is the basic agreement for a | | | | purchaser's lawyer whets the contract. The purchaser |
| purchaser of a home and requires that various | | | | then makes a down payment by check which the |
| conditions be included. The s conditions required include, | | | | seller is expected to deposit in a bank as escrow. At |
| the amount of mortgage loan that the purchaser can | | | | this juncture, the purchaser can sort out mortgage |
| raise, structural stability of the property based on a | | | | applications, arrange for carrying out the required |
| report by a structural engineer, pest control inspection | | | | inspections and renegotiate or withdraw from the |
| reports, water purity in places where the municipal | | | | contract in case of irreconcilable differences. The |
| supply does not reach, drainage inspection reports | | | | purchaser will be well served by a mortgage plan that |
| especially in homes that are not connected to the | | | | covers a combination of not only the cost of the |
| public sewage systems and inspection of radiation | | | | transaction but also the incidental fees. A promissory |
| levels if any. Once the binder is signed the purchaser | | | | note is signed with the mortgage company by the |
| should engage a lawyer, a real estate title company or | | | | purchaser which functions as the mortgage |
| a title trust company to search and give a certification | | | | agreement. Mortgage Insurance is often waived by |
| that the property has a clear title. The New York state | | | | mortgage companies if the applicant has a reliable |
| Insurance Department regulates the fees charged for | | | | payment history. Once all formalities are concluded the |
| a title search. Details of real estate title companies and | | | | contract is formally signed and sealed for the |
| title trust companies are available with the New York | | | | purchase of the home. This is the closure of the |
| Land Title Association, The New York Society of | | | | purchase and it is at this time that Attorney and |
| Mortgage Professionals and the American Land title | | | | agents fees are payable. The purchaser is required to |
| Association. Mortgage companies and banks lend | | | | show the proof of a home owners insurance at the |
| money on the basis of the property having a clear title. | | | | time of closure and leave with the keys to his new |
| The seller is liable to disclose to the purchaser, any | | | | home. |
| encumbrance on the title such as prescriptive | | | | New York Title Settlement. |